Inheritance attorney, is there a disadvantage if I pay the inheritance tax late?

Hello. This is an inheritance attorney at Daeryun Law LLC.

First, the inheritance tax must be reported and paid within six months from the last day of the month in which the date of commencement of the inheritance falls.

If you do not file within this deadline, an additional penalty tax for failure to pay, equivalent to 20% of the tax amount due, may be imposed.

For example, for the tax that has not been paid or the tax that is short, a penalty tax is added by applying a rate of 0.00022 in proportion to the period from after the deadline until the date of voluntary payment.

◇ Calculation of the penalty tax for failure to pay

[The tax not paid or the tax that is short X the period from the day after the payment deadline until the date of voluntary payment or the date of the tax notice X 0.00022]

Therefore, it is important to meet the deadline for paying the inheritance tax, and because the disadvantages can grow if you miss the deadline, it is advisable to pay within the deadline.

If it is difficult to convert assets to cash in order to pay the tax, it is also good to consider seeking other methods of payment by consulting an inheritance attorney and a tax accountant.

For the details, we recommend that you proceed with a consultation with an inheritance attorney who has extensive experience with related cases.